Timex Group India Limited has received an order from the Central Goods & Service Tax authority in Noida dropping all proceedings against the company. The decision follows the company’s submission of a reply to a show cause notice issued in May 2026.

The Office of the Superintendent, CGST Range 5, Division-I, Noida, issued Form GST-ASMT-12 on August 29, 2026. The authority stated it was satisfied with the company's response and required no further action.

Regulatory Context

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It references a previous intimation dated May 25, 2026, and SEBI Circular No. HO/49/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Alleged Discrepancies

The dropped proceedings related to alleged discrepancies in GST returns for FY22-23. The key issues raised by the department included:

• Alleged excess availment of input tax credit (ITC) due to reconciliation differences between GST returns and underlying data
• Short payment of tax on outward supplies based on differences between GST returns and EWB-01 e-way bill data
• Alleged availment of ineligible ITC for transactions where the place of supply was interpreted differently
• Requirement for supporting documents and reconciliations, including credit notes and export-related remittances

The company stated that the financial impact of these proceedings is not applicable.

Timex Group India Limited concluded its 38th Annual General Meeting on August 20, 2026, approving the audited financial statements for the fiscal year ended March 31, 2026.

The meeting was conducted via video conferencing and other audio-visual means in compliance with Ministry of Corporate Affairs circulars and SEBI Listing Regulations. All directors and key managerial personnel attended the session remotely.

Key Resolutions Passed

Shareholders approved three ordinary resolutions during the meeting:

• Adoption of the audited financial statements, Board of Directors report, and Auditors report for FY26
• Reappointment of David Thomas Payne as Director following his retirement by rotation
• Confirmation of dividend payment on preference shares

Governance and Compliance

The statutory auditor and secretarial auditor reports contained no qualifications, observations, or adverse remarks. The requisite quorum was present throughout the proceedings.

David Thomas Payne, Chairman, addressed members regarding the company’s performance for FY26 and outlined the future outlook. The registers required under the Companies Act, 2013 were available for inspection during the meeting.

What the Numbers Show

The absence of any qualifications or adverse remarks in both the statutory and secretarial audit reports indicates clean compliance with regulatory requirements for the fiscal year ended March 31, 2026.